Budget 2013 Tax Reduction

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On retrospective amendment, the Finance Secretary said,"If we look at General Anti Avoidance Rules (GAAR) also there was an element of retrospectivity in GAAR, it was supposed to be applicable on all transactions after 2010, now the Finance Minister has announced it will be applicable on transactions on or after April 1, 2017.

Chidambaram is largely on the wrong track, for what he has chosen not to hear is crucial. The cut in corporate taxes is supposed to be matched by reductions in direct tax rebates and exemptions to companies.

The reduction in corporate tax from 30 percent to 25 percent over a four years period is very appreciable The move to reduce the burden on younger companies by reduction in the rate on income tax on royalty and fees for technical services to 10 percent from 25 percent is very positive, says Rakesh Deshmukh, CEO and Co-Founder, Firstouch.

On retrospective amendment, the Finance Secretary said,"If we look at General Anti Avoidance Rules (GAAR) also there was an element of retrospectivity in GAAR, it was supposed to be applicable on all transactions after 2010, now the Finance Minister has announced it will be applicable on transactions on or after April 1, 2017.

Chidambaram is largely on the wrong track, for what he has chosen not to hear is crucial. The cut in corporate taxes is supposed to be matched by reductions in direct tax rebates and exemptions to companies.

The reduction in corporate tax from 30 percent to 25 percent over a four years period is very appreciable The move to reduce the burden on younger companies by reduction in the rate on income tax on royalty and fees for technical services to 10 percent from 25 percent is very positive, says Rakesh Deshmukh, CEO and Co-Founder, Firstouch.